Closing Bell: KSE-100 standing on its last legs!

May 9, 2019 (MLN): No matter how directionless the economy might be at this point, the stock market seems adamant on the route it is following and refuses to change track. Once again, the index ended the session with bears reigning the trading floors, after it lost around 147 points to close below the 35,000 mark, i.e. 34,887 points.

We have nearly run out of reasons to explain this continuous hiss-worthy, dreadful performance and now all our hopes lie on the outcome of Pakistan-IMF dialogues. Moreover, market participants are dearly awaiting the upcoming finance budget to bring the equity markets out of the dark void it is currently living in. 

Commercial Banks emerged as the top disappointers in today’s session, as they took away 132 points from the index. Fertilizer sector took the second lead as it lost approximately 44 points by the day end. In addition, the scrips that significantly influenced the index’s performance included MCB (-2.89%), HBL (-2.08%), MARI (-4.93%), NESTLE (-3.38%) and UBL (-1.52%).

Swamped within a range of 471 points, the index touched an intraday high of 35,300 points and an intraday low of 34,828 points. Moreover, the share prices of 42 companies reported an increase, 47 companies reported a decline whereas 2 companies reported no change.

The broader KSE All Share index ended the session on a similar note, as it lost around 120 points and closed the session at 25,744 points. It traded nearly 78 million shares, having a value of Rs. 3.7 billion.

Copyright Mettis Link News